Sterling and Wilson Renewable Energy Limited (SWRE) one of the leading solar EPC and O&M solutions provider, announced its financial results for the quarter ended 31st December 2023.
The quarter witnessed strong order inflow from prestigious domestic and global IPPs in the last few weeks of December post successful completion of the QIP. Total order inflows amounted to over INR 2,400 crore resulting in further strengthening of the order book. SWRE emerged as L-1 bidder for the single largest floating solar project in India for a PSU followed by finalizing four strategic projects from Plenitude Spain (part of ENI Group), Green Infra Wind Energy Limited (GIWEL) a subsidiary of Singapore-headquartered Sembcorp Industries and Cleantech.
SWREL completed a successful raise of INR 1,500 crore through a Qualified Institutional Placement (QIP) in December 2023 that received a strong response from both domestic mutual funds and global FIIs. The company also received inflows from promoter indemnity payments and customer settlements, which have been used to bring down debt significantly during this quarter and all overdue debts have been repaid.
Despite tight working capital conditions which impacted operations in Q3FY24, SWRE has posted standalone profit and a positive EBITDA on consolidated level.
Speaking on the quarter results, Amit Jain, Global CEO, Sterling and Wilson Renewable Energy shared “During Q3FY24 we have witnessed notable strides in advancing our renewable energy portfolio with four unique projects from India as well as our first significant overseas order in three years. Post the successful QIP, our balance sheet has significantly strengthened, and fully geared to pursue the fast-growing solar EPC markets in India and abroad. Our unexecuted order book stands at INR 8,750 crore currently. We are confident to sustain our growth momentum as a lot of our marquee customers are approaching us once again as our balance sheet issues are resolved and the company is nearly net debt free.
We are well positioned to accelerate and continue to stay committed towards environmental responsibility, coupled with ongoing investments in technology and infrastructure. Our upcoming quarters look very promising, and I want to thank our stakeholders, employees, and partners for their continued support and patience which has enabled us to create the foundation for an exciting future."
